Economy
IFC Tasks African Policymakers to Use Population to Grow Digital Economy
By Adedapo Adesanya
The International Finance Corporation (IFC) has called on African government and policymakers to utilise demographic competitive advantage for digital economy expansion, with Nigeria positioned as the ground zero base for activity.
The Regional Director for Central Africa and Anglophone West Africa at IFC Nigeria, Ms Dahlia Khalifa, said this on Wednesday in Lagos at the Gulf Information Technology Exhibition (GITEX) Nigeria 2025 conference.
Ms Khalifa noted that across Africa, the digital economy was expanding at remarkable speed powered by internet adoption, mobile penetration, and a generation of young innovators rewriting its future.
She added that the demographic realities in Africa meant that its total population would grow from 1.5 billion to 2.5 billion over the next 25 years, noting that the population increase will bring 600 million youths, possibly entering the job market, charting the future leading to the fastest growth in the world.
“With more than 60 per cent of Africans under the age of 25, and smartphone adoption rising steadily, Africa is home to one of the largest pools of digital natives in the world.
“Over the past decade, Africa’s digital economy has been one of the fastest growing in the world and is quickly becoming a centre of attraction.
“By 2030, it is projected to contribute to about $180 billion to Africa’s Gross Domestic Product (GDP),” she said.
The IFC regional director further said that in Africa, Artificial Intelligence (AI) was not just about efficiency but about transformation.
According to her, AI holds extraordinary promise that can enable Africa scale traditional barriers to growth, and accelerate progress across sectors such as health, education, agriculture, finance and business.
Ms Khalifa however, warned that unless Africa invested in infrastructure, including energy, broadband, digital connectivity and skills, the benefits of AI could bypass the continent.
She quoted IFC’s recent report titled Digital Opportunities in African Businesses that stated that the digital transformation could benefit over 600,000 formal businesses and 40 million micro-enterprises.
This development, she said, would boost productivity, raise wages, and create better quality jobs and livelihoods for all.
“This is why the role of the private sector and public-private dialogue is decisive.
“Infrastructure is the foundation, but entrepreneurship is the engine and to seize this opportunity, we need reliable broadband, robust data centres, modern digital infrastructure, and more energy, particularly clean energy that is sustainable.
“We need investment in skills and training programmes that prepare Africa’s youth for the jobs of today and tomorrow.
“We need partnerships between governments, the private sector, and international institutions to create the right policies, foster trust, and mobilise capital at scale,” she said.
She revealed that the IFC was committed to helping to unlock the future of Africa’s digitalisation.
Ms Khalifa noted that over the last decade, IFC had financed over $6 billion in Africa’s digital infrastructure, from data centres to fibre networks to affordable broadband.
“By harnessing AI and digital technology responsibly and building the right partnerships, Africa can shape a digital economy that is inclusive, innovative, and globally competitive,” she said.
On her part, Ms Trixie Lohmirmand, Executive Vice President, Dubai World Trade Center, lauded the zeal and resilience of Lagos startup innovators, saying they thrived in spite of power issues and developing infrastructure.
She described start-ups in the country as the fastest rising, fastest growing emerging stars in the world, beating Mumbai, Sao Paulo, Turkey among other nations.
“Nigeria scales with resilience and there is mega high speed space for technology to thrive in Lagos and Nigeria.
“In Lagos where the unicorns are coming out from, they build new infrastructure and industry all together, nothing ever before and we would not deny Nigeria access to thrive,” she said.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange further appreciated by 0.23 per cent on Thursday, April 23, with the Unlisted Security Index (NSI) adding 8.99 points to close at 3,969.96 points against the previous day’s 3,968 points.
The rise in the share price of Central Securities Clearing System (CSCS) Plc by N2.86 to N69.34 per unit from N66.48 per unit raised the market capitalisation of the NASD bourse by N5.38 billion to N2.380 trillion from N2.375 trillion.
Yesterday, there were two price losers, led by Food Concepts Plc, which lost 29 Kobo to sell at N2.65 per share versus N2.94 per share, while UBN Property Plc dipped by 22 Kobo to N2.03 per unit from N2.25 per unit.
During the session, the volume of securities traded declined by 97.9 per cent to 451,522 units from 21.5 million units on Wednesday, the value of securities depreciated by 52.32 per cent to N23.6 million from N49.5 million, and the number of deals depreciated by 3.6 per cent to 27 deals from 28 deals.
At the close of business, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis with 3.4 billion units valued at N8.4 billion, followed by CSCS Plc with 59.5 million units exchanged for N4.0 billion, and Okitipupa Plc with 27.8 million units traded for N1.9 billion.
GNI Plc also closed the day as the most traded stock by volume on a year-to-date basis with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units transacted for N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units sold for N1.2 billion.
By Adedapo Adesanya
Fresh foreign exchange (forex) demand pressure saw the Naira depreciate against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Thursday, April 22, by N5.46 or 0.4 per cent to trade at N1,353.91/$1 compared with the preceding day’s value of N1,348.45/$1.
It was the same outcome for the local currency in the official market after it depreciated against the Pound Sterling by N4.13 to close at N1,825.88/£1, in contrast to the preceding session’s N1,821.75/£1, and against the Euro, it dropped 72 Kobo to finish at N1,582.72/€1 versus N1,582.00/€1.
But the Nigerian Naira appreciated against the US Dollar at the GTBank FX desk by N2 during the session to quote at N1,361/$1 compared with Wednesday’s closing price of N1,361/$1, and at the parallel market, it closed flat at N1,375/$1.
FX Pressure came as data showed that NFEM interbank turnover was N28.117 million, lower than the N66.084 million recorded the previous day.
Concerns over liquidity pressures, policy transparency, and confidence in Nigeria’s FX market continue to grip the market while the country’s foreign reserve declines further, even as the Central Bank of Nigeria (CBN) recently said that the recent decline in Nigeria’s external reserves should not be a cause for concern.
Global developments also played a significant role, as rising geopolitical tensions boosted demand for the US Dollar, further weakening emerging market currencies, including the Naira.
As for the cryptocurrency market, there was a mixed outcome as traders reacted to rising geopolitical tensions from the Iran war and fresh inflation data from Japan.
Japanese inflation ticked higher in March, stoking expectations that the Bank of Japan may soon signal rate hikes, which could strengthen the yen and unsettle global risk assets.
The Iran conflict has disrupted oil flows through the Strait of Hormuz, raising energy costs and inflation risks worldwide and potentially complicating efforts by the Federal Reserve to cut interest rates.
Ethereum (ETH) declined by 1.8 per cent to $2,316.53, Bitcoin (BTC) lost 0.6 per cent to sell at $77,935.53, Solana (SOL) fell by 0.5 per cent to $85.67, and Binance Coin (BNB) dropped 0.4 per cent to sell for $634.85.
However, Dogecoin (DOGE) appreciated by 1.4 per cent to $0.0976, Ripple (XRP) grew by 0.7 per cent to $1.43, Cardano (ADA) expanded by 0.6 per cent to $0.2493, and TRON (TRX) improved by 0.2 per cent to $0.3279, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.
By Aduragbemi Omiyale
The resilience shown by Nigerian Breweries Plc in the 2025 fiscal year, despite a volatile macroeconomic environment, which consumed several businesses, has not got without notice.
Shareholders of the brewery giant applauded the board and management for the strong recovery and improved profitability recorded in the year.
At the company’s 80th Annual General Meeting (AGM) on Wednesday, April 22, 2026, in Lagos, they attributed these achievements to disciplined cost management and a significant reduction in finance expenses.
“We are proud of how the company has withstood the ups and downs of a challenging environment. The return to profitability and the reversal of the negative cash position recorded in the previous two financial years are commendable,” a member of the Noble Shareholders Association, Mr Owolabi Opeyemi, said at the gathering.
Also, the immediate past Secretary of the Independent Shareholders Association of Nigeria (ISAN), Mr Eke Emmanuel, noted that the company’s resilience reflects strong leadership and a sound strategic direction.
“It is good news that we have been here for 80 years. There is no reason why we will not be here for the next 80 years with what we have achieved. To return to this level of profitability and cash position shows the Board has done an enormous amount of work,” he said.
Addressing investors at the AGM, the board chairman, Mrs Juliet Anammah, expressed confidence that the company is firmly on a recovery path following the net losses recorded in the past two years due to macroeconomic pressures and fiscal reforms.
She thanked shareholders for their continued support and reaffirmed that the company will build on its 2025 performance as it accelerates growth ambitions.
“We have a solid foundation built over eight decades, anchored on a strong portfolio of brands, an extensive nationwide sales and supply chain network, ongoing digital transformation, and most importantly, our people. These strengths remain critical to sustaining our leadership position,” the former chief executive of Jumia Nigeria said.
Ms Anammah also addressed the company’s dividend position, noting that the decision not to declare a dividend reflects the need to rebuild retained earnings impacted by prior macroeconomic shocks, particularly foreign exchange-related losses.
“We recognise the importance of dividend payments to our shareholders and sincerely appreciate your continued understanding. While we are not declaring a dividend at this time due to negative retained earnings, we are working diligently to restore the company’s financial position and return to dividend payments as soon as it is sustainable to do so,” she added.
She further noted that the board remains vigilant to external risks, including the Middle East crisis and broader macroeconomic challenges, which may impact the pace of improvement in the 2026 financial year.
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